Granite Bay Wealth Management LLC Purchases New Position in QuantumScape Co. (NYSE:QS)

Granite Bay Wealth Management LLC purchased a new stake in shares of QuantumScape Co. (NYSE:QS) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,435 shares of the company’s stock, valued at approximately $76,000.

Several other institutional investors have also modified their holdings of the stock. 180 Wealth Advisors LLC lifted its stake in shares of QuantumScape by 2.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 79,741 shares of the company’s stock worth $392,000 after acquiring an additional 2,059 shares during the last quarter. CWM LLC increased its holdings in QuantumScape by 56.0% during the 2nd quarter. CWM LLC now owns 7,124 shares of the company’s stock worth $35,000 after purchasing an additional 2,556 shares during the period. Carson Advisory Inc. increased its holdings in QuantumScape by 13.6% during the 1st quarter. Carson Advisory Inc. now owns 24,250 shares of the company’s stock worth $153,000 after purchasing an additional 2,900 shares during the period. The Manufacturers Life Insurance Company increased its holdings in QuantumScape by 4.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,867 shares of the company’s stock worth $413,000 after purchasing an additional 3,527 shares during the period. Finally, Arizona State Retirement System increased its holdings in QuantumScape by 4.6% during the 2nd quarter. Arizona State Retirement System now owns 98,800 shares of the company’s stock worth $486,000 after purchasing an additional 4,330 shares during the period. 29.87% of the stock is owned by institutional investors.

QuantumScape Stock Down 6.5 %

Shares of QS stock opened at $5.38 on Wednesday. QuantumScape Co. has a 1-year low of $4.67 and a 1-year high of $10.03. The stock’s fifty day moving average price is $5.91 and its 200 day moving average price is $5.86. The company has a debt-to-equity ratio of 0.03, a current ratio of 8.66 and a quick ratio of 8.66. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -5.60 and a beta of 4.59.

QuantumScape (NYSE:QS) last announced its earnings results on Wednesday, July 24th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). During the same period in the previous year, the firm posted ($0.26) earnings per share. On average, research analysts expect that QuantumScape Co. will post -0.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on QS shares. Truist Financial restated a “hold” rating and set a $7.00 price objective (up from $6.00) on shares of QuantumScape in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $6.00 price target on shares of QuantumScape in a report on Tuesday, September 10th. Finally, Wolfe Research began coverage on QuantumScape in a report on Thursday, September 5th. They issued an “underperform” rating on the stock. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.95.

Insider Buying and Selling

In related news, Director Jagdeep Singh sold 79,006 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $5.03, for a total transaction of $397,400.18. Following the transaction, the director now directly owns 2,809,253 shares in the company, valued at approximately $14,130,542.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other QuantumScape news, Director Jagdeep Singh sold 79,006 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $5.03, for a total transaction of $397,400.18. Following the sale, the director now owns 2,809,253 shares in the company, valued at approximately $14,130,542.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevin Hettrich sold 58,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $5.78, for a total value of $335,240.00. Following the sale, the chief financial officer now owns 1,073,022 shares in the company, valued at approximately $6,202,067.16. The disclosure for this sale can be found here. Insiders have sold a total of 1,264,684 shares of company stock worth $7,593,977 in the last ninety days. 10.18% of the stock is owned by insiders.

QuantumScape Company Profile

QuantumScape Corporation, a research and development stage company, focuses on the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. The company was founded in 2010 and is headquartered in San Jose, California.